Ecommerce has always been an acquired taste for the Indian venture capitalist, but 2011 seems to have made it more palatable. Startups in the ecommerce sector reeled in a record $356.71 million-plus (several deal values were not disclosed) across 38 deals during the year. That’s nearly 54 per cent of the total invested by venture capitalists through the year and nearly 30 per cent of overall deals announced. The list of India’s highest VC-funded startups in 2011 reads like a ready reckoner of the biggest players that are helping shape the country’s ecommerce horizon.
Hot VC favourite Flipkart, which received $20 million in Series C funding from Tiger Global, just missed being among the Top 5 most funded startups this year. Daily deals site SnapDeal sits at the top of the heap with a $52 million haul over two rounds of fundraising.
Here’s a closer look at the deals that made the Top 5 list this year:
- SnapDeal
Delhi-based SnapDeal, India's answer to US daily deals site Groupon, offers daily deals in close to 100 cities across categories such as dining, health and personal care services, branded products and travel. The company was founded in early 2010.Funds Raised: $52 million
Funding Stage: Series B and C
Investors: Nexus Venture Partners, IndoUS Venture Partners, Bessemer Venture Partners
Founder (s): Kunal Bahl and Rohit Bansal
Sector: Internet (Ecommerce)
- Yatra
Gurgaon-based online travel startup Yatra, founded in 2006, reported gross revenues of $500 million for the financial year ended March 2011. The company offers and air and railway ticketing services and hotels and holiday bookings. It claims volumes of over 10,000 tickets and 600 rooms a day.Funds Raised: $45 million
Funding Stage: Series C
Investors: Valiant Capital, Norwest Venture Partners, Intel Capital
Founder (s): Dhruv Shringi, Manish Amin and Sabina Chopra
Sector: Internet (Ecommerce)
- Happiest Minds
Happiest Minds is a Bangalore-based information technology services startup founded in 2011 by Askok Soota. The company builds solutions using cloud computing, social media and mobility for sectors such as manufacturing, financial services and media.Funds Raised: $45 million
Funding Stage: Series A
Investors: Canaan Partners, Intel Capital, Founder
Founder (s): Ashok Soota
Sector: Software (Software Services Outsourcing)
- Fashionandyou
Fashionandyou is an online shopping site for fashion and luxury brands. It is owned by Delhi-based digital media and solutions company Smile Group. The company was founded in 2009 and owns a host of online businesses including Dealsandyou, Freecultr, Quasar, Tyroo and BeStylish.Funds Raised: $40 million
Funding Stage: Series B
Investors: Norwest Venture Partners, Intel Capital, Sequoia Capital, Nokia Growth Partners
Founder (s): Pearl Uppal and Harish Bahl
Sector: Internet (Ecommerce)
- Naaptol
Mumbai-based Naaptol, founded in 2008, is a comparison-based shopping portal that offers 470 brands across categories such as consumer electronics, fashion, home and books. It also runs a private shopping site called Naaptol Club. The company employs 60-odd people.Funds Raised: $25 million
Funding Stage: Series B
Investors: New Enterprise Associates, Canaan Partners, Silicon Valley Bank
Founder (s): Manu Agarwal
Sector: Internet (Ecommerce)
Disclaimer: The data in the above post and slides is based on deals reported or announced by venture capital firms or their investee companies in the media or via press releases. The data has not been independently verified with the concerned venture capital firms or their investee companies. Startupcentral does not take responsibility for the accuracy of the data provided.
Images Courtesy: Companies
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[...] still largely remain within the confines of the Internet and technology sectors. The over $357 million invested by such investors in ecommerce startups alone this year is evidence. It isn’t unnatural, [...]